S&P boosts Millicom

Standard & Poor's said it raised its long-term corporate credit rating on Millicom International Cellular SA to BB from B+, reflecting strong growth and improving operating performance across the company's portfolio.

The outlook is stable.

At the same time, the senior unsecured debt ratings on Millicom were raised to B+ from B-, the agency said, adding that all ratings have been removed from CreditWatch with positive implications, where they were placed on Jan. 22, following the group's announcement of its exit from Pakistan.

The two-notch upgrade reflects Millicom's continuing strong growth in revenues and operating cash flow generation, which provides better visibility on the achievement of sustainable free operating cash flow generation, S&P said.

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